Mirae Asset Global Investments Co. Ltd. grew its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 7.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 904,260 shares of the basic materials company’s stock after acquiring an additional 61,525 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.53% of Steel Dynamics worth $98,501,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of the business. Wellington Shields & Co. LLC lifted its position in shares of Steel Dynamics by 50.0% during the 4th quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 100 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Steel Dynamics by 91.1% during the 2nd quarter. Hexagon Capital Partners LLC now owns 302 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 144 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Steel Dynamics during the 1st quarter worth $34,000. Hanseatic Management Services Inc. purchased a new stake in shares of Steel Dynamics during the 1st quarter worth $27,000. Finally, Clear Street Markets LLC lifted its position in shares of Steel Dynamics by 94.0% during the 1st quarter. Clear Street Markets LLC now owns 326 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds own 81.32% of the company’s stock.
Insider Transactions at Steel Dynamics
In other news, Director Bradley S. Seaman sold 4,717 shares of the business’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $109.72, for a total transaction of $517,549.24. Following the transaction, the director now directly owns 46,462 shares in the company, valued at $5,097,810.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 6.00% of the company’s stock.
Steel Dynamics Price Performance
Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its earnings results on Thursday, October 19th. The basic materials company reported $3.47 EPS for the quarter, missing analysts’ consensus estimates of $3.54 by ($0.07). Steel Dynamics had a net margin of 13.73% and a return on equity of 34.31%. The business had revenue of $4.59 billion during the quarter, compared to analysts’ expectations of $4.49 billion. During the same period in the previous year, the company posted $5.46 earnings per share. Steel Dynamics’s quarterly revenue was down 18.8% on a year-over-year basis. On average, analysts predict that Steel Dynamics, Inc. will post 14.66 EPS for the current year.
Steel Dynamics declared that its Board of Directors has initiated a share repurchase program on Friday, November 3rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Steel Dynamics Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Sunday, December 31st will be paid a dividend of $0.425 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 1.53%. Steel Dynamics’s dividend payout ratio (DPR) is 10.90%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Steel Dynamics from $99.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 31st. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $94.00 to $95.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. Citigroup raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a research report on Monday, September 25th. BMO Capital Markets reduced their price target on shares of Steel Dynamics from $115.00 to $107.00 and set a “market perform” rating for the company in a research report on Tuesday, September 19th. Finally, StockNews.com assumed coverage on shares of Steel Dynamics in a research report on Thursday, October 5th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $110.89.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.
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